Fabio De Masi, one of the German lawmakers driving a parliamentary inquiry into the affair, commented: “The finance ministry saw no need to take action on insider trading at the supervisory authorities at the outset of the Wirecard scandal. There is still a need to apply stricter EU rules on insider trading to German authorities.…
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The new agreement will take effect on provisional basis on 1 January 2021. The agreement is expected to be approved by the European Council by the end of the year and its provisional applications are to apply until 28 February 2021. The European Parliament needs to make final decision on the final application of the…
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The review found that some procedures in place in both FREP and BaFin could use some improvement, as well as the selection and examination of issuers. The review also identified independence and conflict of interests in FREP and cooperation issues between the two authorities. ESMA invited BaFin and the European Commission to investigate whether the…
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The UK Financial Conduct Authority suspended Wirecard’s UK subsidiary and left thousands of people in the UK unable to access their money. The UK regulator froze Wirecard Card Solutions’ UK lincense to protect the company's clients following the German-based parent company Wirecard AG filing for insolvency on Thursday last week after accounting firm Ernst & Young…
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The President of the Bavarian Finance Center, Wolfgang Gerke spoke about the failure of the supervisory authorities and said the scandal has done damage that will have “impact for years”. He also said he suspects a corrupt network stands behind the scandal. Following the scandal in Germany, the UK Financial Conduct Authority suspended Wirecard’s UK…
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Marcus Addison, Managing Director at Eurex STS commented: We are delighted to have received the banking licence from BaFin, and we will continue to work towards launching our new service for the buy-in regime in February 2021. Our solution leverages our considerable experience in offering trusted securities trading infrastructure to the market – it will…
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Looking back at the most intriguing and popular Forex industry news from the past week at LeapRate. Jan Kotowski, X Open Hub’s International Business Developer and a financial market enthusiast and individual trader with over 11 years of experience joined LeapRate to discuss the year ahead for X Open Hub, key traders’ demands in 2019…
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Germany’s Federal Financial Supervisory Authority, also known as BaFin, released guidelines today, categorizing digital assets as financial instruments. The financial regulator states that virtual currencies are “a digital representation of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified…
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The EU securities markets’ regulator ESMA has announced earlier today that it will not renew the temporary restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients in the European Union (EU). LeapRate reminds that last year ESMA has taken product intervention measures relating to CFDs, imposing a temporary restriction…
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The European Securities and Markets Authority (ESMA) has released its opinion on product intervention measures taken by the National Competent Authorities (NCAs) of the countries of Germany, Poland, Hungary, and Malta. LeapRate reminds that Germany’s BaFin has recently informed that it maintains restrictions on retail trading with financial CFDs. BaFin first announced its decision back in…
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